MOYNIHAN PROPOSAL UNSETTLING TO CLEVELAND

The proposal from Sen. Daniel Patrick Moynihan (D-NY) that
would prohibit state and local governments from issuing tax-
exempt bonds to build stadiums "worries Cleveland officials"
because the financing package for rebuilding Municipal Stadium,
which will require selling $140M in bonds later this summer, may
"have to be overhauled." The Cleveland PLAIN DEALER's Phillips &
Diemer report questions remain over when the bill, if passed,
becomes effective, though Moynihan said he is willing to consider
"the need for equitable relief for stadiums already in the
planning stages." Cleveland City finance director Kathryn Hyer:
"There already is a lot of substantial work that we believe
qualifies us for being well into the `planning stage.'" Sen.
Mike DeWine (R-OH) said the bill has "zero chance" of passing and
a spokesperson for Senate Majority Whip Don Nickles (R-OK) said
the bill is not "on the radar screen" of the GOP leadership
(Cleveland PLAIN DEALER, 6/27).
HEAR YE: A USA TODAY editorial notes Nashville's decision
to put its $60M stadium bond sale on hold in wake of Moynihan's
bill: "If local communities want to waste their own money, that's
up to them" (USA TODAY, 6/28).